Sterling Organization Acquires 81,829 SF Market Center in Roswell, Third Property Purchased in Atlanta in Past 10 Months
April 01 2015 - 1:53PM
Business Wire
Sterling Organization, a vertically integrated private equity
real estate investment firm headquartered in Palm Beach, FL, has
announced the acquisition of Market Center in Roswell, GA, an
affluent and growing suburb of Atlanta. The property was purchased
from GE Capital via the firm’s institutional fund Sterling Value
Add Partners II, LP, for $8.63 million in an off-market
transaction.
Market Center is an 81,829-square-foot neighborhood shopping
center anchored by Office Depot and shadow anchored by a
102,000-square-foot Home Depot. It is located one mile east of
State Route 400 at the northwest corner of Holcomb Bridge Road and
Holcomb Woods Parkway, approximately 20 miles north of downtown
Atlanta.
“This acquisition represents our second purchase in Roswell and
our third in the Atlanta MSA in the past 10 months, all of which
were sourced off market,” said Brian Kosoy, Managing Principal,
President and CEO of Sterling Organization. “As with the previous
two purchases, our team expects to be able to add significant value
to what currently is a 55% occupied property on behalf of our
investor partners. Hand in hand with said expectations, we are
committed to providing a much improved venue for the Roswell
community to patronize.”
Market Center was originally developed in 1990. Approximately
80,000 people live within a 3-mile radius of the property, where
the average household income is more than $89,000. In October 2014,
Sterling Organization acquired a property also located on Holcomb
Bridge Road, Roswell Village Shopping Center, which is a few miles
northwest of Market Center on the west side of SR-400. In May 2014,
Sterling acquired North DeKalb Mall located in the Atlanta suburb
of Decatur, GA, in a joint venture with Lennar Commercial.
About Sterling
Organization
Sterling Organization is a vertically integrated private equity
real estate firm that has an established track record of providing
exceptional risk-adjusted returns to its partners, in both relative
and absolute terms. The company is focused on investing in
value-add retail real estate assets and stabilized/core
grocery-anchored shopping centers in major markets across the
United States on behalf of Sterling’s principals in partnership
with the highest quality institutional investors. Sterling
Organization is headquartered in Palm Beach, Florida, with
additional offices strategically located throughout the U.S. For
more information, please
visit www.sterlingorganization.com.
Sterling OrganizationLauren Burford,
561-835-1810lburford@sterlingorganization.com